Poland Plans to Raise Minimum Wage Twice in 2024 to Counter High Inflation Ahead of Upcoming Elections

Minimum Wage to Be Raised Twice in 2024

In response to the surging cost of living and record-breaking inflation rates, Poland’s Family and Social Policy Minister, Marlena Malag, announced the government’s plan to raise the minimum wage twice in 2024. The move aims to alleviate the financial strain faced by citizens and comes as the ruling Law and Justice (PiS) party gears up for an impending parliamentary election later this year.

Government Takes Steps to Address Soaring Cost of Living

Recent months have witnessed a significant increase in the cost of living, with February recording the highest inflation rate in over 25 years, reaching a staggering 18.4% year on year. While inflation slightly dipped to 14.7% in April, the ongoing economic challenge remains a pressing concern for the Polish population.

Minister Malag, speaking to state-controlled news agency PAP, revealed that the minimum wage for the upcoming year would surpass 4,200 zlotys ($1,015). Similar to the adjustments made in 2023, the minimum wage will be incrementally raised in two stages, commencing on January 1 and July 1.

Notably, the minimum wage was recently elevated to 3,490 zlotys in January 2023, and it is set to rise further to 3,600 zlotys from July onwards. These increases form part of the government’s ongoing efforts to mitigate the adverse effects of inflation and ensure a more equitable economic environment for all citizens.

Parliamentary Election Looms as Poland Battles Inflation Crisis

The precise date for the parliamentary election has yet to be established, but it is expected to take place in either October or November. As the deadline draws near, the ruling party is mindful of addressing the economic concerns that have become paramount in the minds of Polish voters.

Poland’s move to raise the minimum wage not only seeks to cushion the impact of inflation on individuals and families but also serves as a significant policy consideration within the broader political landscape. By prioritizing measures that address rising living costs, the government aims to assuage public anxieties and maintain support as the election approaches.